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Ghana could reduce interest rates by March - Central Bank Governor

Dr Addison said that the reduction in interest rate will apply only if the country’s inflation rate continues to drop.

Governor of the Bank of Ghana, Dr Ernest Addison

The Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that the Central Bank could cut interest rates by early next year.

He told Reuters on the sidelines a banking conference that “I could easily see the policy rate going further down.”

The Monetary Policy Committee (MPC) of the Bank of Ghana at their 84th meeting maintained the policy rate at 17 per cent.

This is the second consecutive time that the central bank has maintained the policy rate.

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When asked when the 17 per cent rates could be reduced, he said: “Our next meeting is in January and after that, we have another meeting in March so in between now and March.”

Dr Addison added that the BoG would also consider pushing local money market traders to use electronic trading platforms more instead of doing deals over the phone.

He said it was a measure that could help slow the recent fall in the country’s currency.

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